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During Q4, Baron Emerging Markets Fund added a few new investments to existing themes while also increasing exposure to several positions that we established in earlier periods. SK hynix has emerged as the industry leader in cutting-edge HBM due to its superior performance, durability, and heat dissipation.

Dino Polska faces union-driven wage pressures that could materially impact EBITDA margins over the next several years. DNOPY may see annual labor cost headwinds of up to $150 million, with EBITDA margin downside to ~6% if no negotiation occurs. I now model FY 2030 revenue at $15.9B and a 9% EBITDA margin, lowering the price target to $13.50 (12x EBITDA, 7% cost of equity).